BTC has retested the weekly resistance trendline (around $114K) that has been in place since February 2021. Over the past 4 years, this trendline has been tested four times, and a fifth retest appears imminent in the short term.
Historically, a fifth retest often leads to a breakout. If that breakout occurs, the next major target for BTC is around $128,000.
That said, the market rarely moves in a straight line.
As outlined in the chart, I’ve considered three potential scenarios for BTC to unfold this summer.
New trades will be based on these movements, with optimal entries either at the yellow-highlighted zones or upon a confirmed breakout above the current weekly resistance.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Historically, a fifth retest often leads to a breakout. If that breakout occurs, the next major target for BTC is around $128,000.
That said, the market rarely moves in a straight line.
As outlined in the chart, I’ve considered three potential scenarios for BTC to unfold this summer.
New trades will be based on these movements, with optimal entries either at the yellow-highlighted zones or upon a confirmed breakout above the current weekly resistance.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Trade active
The scenario A is playing.Weekly close above the current ressistance trendline (around $114k) will trigger the alcoin season and BTC will target $128K area.
Note
New buy opportunity when prices bounce from one of the two yellow areasNote
BTC has touched the $118000 area and here is my view. I'm waiting for retest of the weekly trendline ($114000 areas= to open new Longs.Note
SOW in phase B didn't happen but it seems that UT is on-going.My view does not change, I'm cautious to Long at this price and on end of the week.
BTC would retest the CME gap at $114000 area.
Note
The above view is no longer valid. I'll continue to watch Plan A is still playing out and the final target of this analysis ($128000) unchanges
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.